Procter & Gamble gets nearly 85% of Wella

CHICAGO (CBS.MW) -- Procter & Gamble said it has secured 84.9 percent of the value of outstanding shares of German hair-care business Wella. The result of the controversial tender offer still leave more than 56 percent of preferred shares in the hands of dissenting shareholders. However, P&G said that it is "pressing ahead" with its business objectives for Europe's top hair-care business. "We are quite satisfied with the success of the tender offer," P&G's CFO, Claty Daley, said. Shares of P&G
PG, -0.30%
slipped 79 cents to $89.90 in recent action.

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